Description of this paper

Project Budget Estimate;Project budget estimate;Question Detail;Assume that you have been selected to serve as the project manager for a management consulting project for a client based in the United States. You have developed the WBS and listed the activities for the assignment, which involve large-scale market research in a new market. You are responsible for project costs and are keen on developing realistic cost estimates and project budget. You have estimated the following effort;WBS;Tasks;Duration;Resource Type;Effort in Days;1.1;Final proposal and contract documentation;4 Days;Junior Consultant;4;Legal Consultant;1;Vice President;1;1.2;Assignment kickoff workshop;2 Days;Junior Consultant;2;Senior Consultant;1;Vice President;1;2.1;Designing market research;5 Days;Product Expert;1;Junior Consultant;5;Senior Consultant;2;2.2;Pilot run of market research;10 Days;Junior Consultant;3;Intern;10;Senior Consultant;2;2.3;Final market research design and signoff;2 Days;Junior Consultant;2;Senior Consultant;1;Vice President;1;2.4;Market research 1;32 Days;Junior Consultant;20;Senior Consultant;2;2 Interns*;28;2.5;Market research 2;32 Days;Junior Consultant;20;Senior Consultant;2;2 Interns*;28;2.6;Data collation and analysis;5 Days;Junior Consultant;5;Senior Consultant;3;2 Interns*;5;Vice President;0.5;3.1;Final report preparation;3 Days;Senior Consultant;3;Junior Consultant;3;Vice President;0.5;3.2;Presentation to client;1 Day;Senior Consultant;1;Junior Consultant;1;Vice President;0.5;*Please note the use of 2 resources in this case.;The rates per day for the resources are as follows;Resource;Rate Per Day;Junior Consultant;$750;Intern;$250;Legal Consultant;$1,500;Product Expert;$3,500;Senior Consultant;$1,500;Vice President;$3,500;The tasks above are listed in sequential order. The exceptions are market research 1 and 2, which can start simultaneously.;This assignment has two parts. Complete Part 2 after completing Part 1.;Part 1;Develop the budget for this project by allocating cost over actual work time and the calendar time line. Draw a graph for the time line of the project and the money spent on the project. Assume that the payments to all resources are made on a daily basis.;Part 2;For the consulting assignment, assume that the total project budget is spent equally on a daily basis and the work done each day contributes equally toward the project completion. You are now at the end of Day 25 of the project, the company has already spent $48,000, and the project has delivered 5% more than planned at the end of Day 25.;What is your assessment of the schedule performance index (SPI) and cost performance index (CPI) of the project? What actions or corrective actions would you want to take, keeping in mind the project performance so far?;How much more money must be spent to complete the project, and what would be the total cost of the project when it is completed, as per the details given?

Paper#28442 | Written in 18-Jul-2015

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